No regrets. We only have debt.

edited 4 June 2019 at 12:16PM in Debt Free Diaries
87 replies 18.9K views
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  • PurpleJayPurpleJay Forumite
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    If it were me, I would sell the rental and clear the debts. Then you could either save, or start paying off the mortgage (or a combination of the two. 
    'Life isn't about waiting for the storm to pass, it's about learning to dance in the rain'
    Weight loss challenge Oct - Dec 2021 1/14
    November grocery challenge £386.68/£350.00
    December grocery challenge £140.55/£450.00 (4/12)

  • edited 7 June 2020 at 3:21PM
    MrGorskyMrGorsky Forumite
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    edited 7 June 2020 at 3:21PM
    Thanks PurpleJay, but it's a part owned rental, and not as easy to get out of. 
    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £34k left to clear. Aiming for Nov 2022 debt free date.
  • edited 19 June 2020 at 1:17PM
    MrGorskyMrGorsky Forumite
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    edited 19 June 2020 at 1:17PM
    Slow progress until I start my new job.........
    A few ebay sales, I seem to have made more progress on ebay while on furlough. Odd things lying round the garage such as light bulbs for lights I no longer have etc... probably got £70 this week on ebay.
    We are saving money as kids aren't going to their clubs etc, we just need to stick with not making online hopping purchases during this lockdown, and find entertainment from what we have. 


    AA Loan £775 3.2% currently repaying £325 mnth 
    M&S loan £9500 2.96% repaying £1140 / mnth 
    TSB Credit Card £3104 0% til 09/21.............280 /mnth 
    Natwest Credit Card £10674 0% til 03/22
    Family loan £30k
    Total: £54053

    ... should this be moved to a debt free diary? .. somehow?
    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £34k left to clear. Aiming for Nov 2022 debt free date.
  • ryanm8655ryanm8655 Forumite
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    A mod should be able to move it for you if you ask.

    Good work on the eBay sales. Every little helps.

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    Some more ebaying, and payday, means I am able to payoff the AA loan in full. Paying this £775, means I will save £14 in interest aswell over the next 2 months.

    M&S loan £9500 2.96% repaying £1140 / mnth 
    TSB Credit Card £3104 0% til 09/21.............280 /mnth 
    Natwest Credit Card £10674 0% til 03/22
    Family loan £30k
    Total: £53,278

    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £34k left to clear. Aiming for Nov 2022 debt free date.
  • mark55manmark55man Forumite
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    Hey - late to the party, but wow a real rollercoaster.  You are really motoring through the debts.  Which is good and lockdown has been helpful to many people in reducing "essential" life costs, and finding fun where they can.

    As your equity in your house has increased I think you have a decision on the family loan.  Its really bad practice to transition non secured loans to secured loans (mortgage), so this is not a suggestion for the loans/CC.  However, I'm don't know the details of the family loan, but I think I would rather pay a little in interest and not owe anyone close to me a chunk of money, so I would look to transition a good chunk of the family loan by extending the mortgage and then OP the hell out of that.   I presume its from parents or in-laws but even then you need to be careful - there are many complexities in unravelling that if there are siblings or there is care provision to fund.    
    I think I saw you in an ice-cream parlour/Drinking milk shakes cold & long/Smiling & waving & looking so fine
    2022: Weight-loss 3/20kg, Steps 39.3k/3000k
    Total Debt 01/22: £54.5K -- Mortgage Neutral Pot:£31.9K/£86.4K - EF:£1.5K/£10K
  • MrGorskyMrGorsky Forumite
    128 Posts
    100 Posts Second Anniversary Name Dropper
    Thanks Mark. Id never thought of that,  and it's a great idea. 
    DFW. £59k debt cleared in 2017. £25k debt cleared in 2019. Then bought a house, and got £70k new debt in 2019. Total of £154k unsecured debt, with now £34k left to clear. Aiming for Nov 2022 debt free date.
  • mark55manmark55man Forumite
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    Only you know your situation, but at the very least - even if family brush off the suggestion (as I suspect my FIL would) they will feel better that you brought it up as an option.
    I think I saw you in an ice-cream parlour/Drinking milk shakes cold & long/Smiling & waving & looking so fine
    2022: Weight-loss 3/20kg, Steps 39.3k/3000k
    Total Debt 01/22: £54.5K -- Mortgage Neutral Pot:£31.9K/£86.4K - EF:£1.5K/£10K
  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
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    You are doing really well in getting those debts down.   I don't think I would move the family loan to it being secured on your house.  It reduces your equity which means remortgage deals may be more expensive.  As you have a decent surplus can you not start making regular repayments of say at least £250 a month until the house or other debt finished and then up it to £500? Do you want me to move this to the diaries section?
    Early retired in December 2017. Debt counsellor for a High Street bank in a previous life.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected]

    Save £12k in 2022 challenge #36 0/£12,000
  • mark55manmark55man Forumite
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    What ES says is undoubtedly the best financial solution.  But for me while (clearly from my record) I don't mind owing money to banks I've never had any from family, and the few times I've lent money to family (true emergencies and my credit rating being better than theirs - but that's a different story) I've always felt a bit miffed that they weren't taking repayments seriously (although I did get them).  So maybe all I am asking is just to check that everything is still OK with the lender - who knows what they may be putting on hold - even though I am sure they are delighted to be helping  
    I think I saw you in an ice-cream parlour/Drinking milk shakes cold & long/Smiling & waving & looking so fine
    2022: Weight-loss 3/20kg, Steps 39.3k/3000k
    Total Debt 01/22: £54.5K -- Mortgage Neutral Pot:£31.9K/£86.4K - EF:£1.5K/£10K
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